The latest export sales data showed a net reduction of 280,943 MT for the old crop, the lowest level of the marketing year, but considered normal for the final full week of the year. New crop sales were reported at 2.117 MMT, which was 1.3% higher than last week and 16.2% above the same week last year. The largest buyer during that week was Mexico with 511,800 MT. Colombian buyers purchased 478,700 MT, and 320,500 MT were sold to unknown destinations.

According to the CFTC Commitment of Traders report, as of September 2nd, spec traders cut 19,199 contracts from their net short position in corn futures and options. By Tuesday, their net short stood at 91,487 contracts.

The US/Japan trade deal was finalized on Thursday afternoon. The White House stated that Japan will increase purchases of US agricultural products, including corn, soybeans, bioethanol (including for sustainable aviation fuel), and other US goods, totaling $8 billion annually. For reference, over the last five years, Japan’s annual buying of those three products ranged between $2.5 and $4.8 billion.